2013-02-01
2013-02-28
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CNBC 112
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in copenhagen, the status of the car has changed. people are not used to having cars anymore. they sometimes use a car and go to a car sharing club or something. it is socially acceptable to cycle. 30, 40 years ago, you would maybe be seen as a loser if he came on a bicycle, -- if you came on a bicycle, but now it is for everybody. everyone is cycling. it is not, the former generation in the 60's, denmark, they could afford to buy a car and they really enjoyed it. they wanted to show it, and all trips they made or made by cars, the the new generation has a completely different view. >> i already gave my answer during my presentation. it is everything, especially if it is business or businessmen, it is money driven. show it is comparative in cost or it is less cost for business. because if you show that, there is a discussion. >> let me ask before i go to the next question, what in your experience the you believe was the most influential and excepting the different stages of the car and its role in the city? i am sure over 40 years, your attitudes toward the automobile have changed. what do you b

. and that's the weekly buzz. for more information about any of these events, visit us at sf negotiation tv daunts org. and check us out on facebook and twitter. while you're on the web watchess on youtube for >> as you all know, the german marshall fund vehicle very kind to provide us with this -- has been very kind to provided us with this opportunity to have four of their european experts in bicycle planning, bicycle implementation and bicycle programs and they are experts on all aspects of the bicycle. and here in san francisco, you know, we are at this point trying to after a hiatus of three years because of court-ordered injunctions trying to implement our bike plan. so we all a collective goal, i believe, to increase the environmental and nick sustainability of the world around us that we participate in and especially in san francisco, but we do have a special responsibility because this place provides us with the opportunity that most other places don't. the geometry and geography of san francisco is up that it is easier for us being in a city of short trips to veil ourselves to oth

to provide us with this -- has been very kind to provided us with this opportunity to have four of their european experts in bicycle planning, bicycle implementation and bicycle programs and they are experts on all aspects of the bicycle. and here in san francisco, you know, we are at this point trying to after a hiatus of three years because of court-ordered injunctions trying to implement our bike plan. so we all a collective goal, i believe, to increase the environmental and nick sustainability of the world around us that we participate in and especially in san francisco, but we do have a special responsibility because this place provides us with the opportunity that most other places don't. the geometry and geography of san francisco is up that it is easier for us being in a city of short trips to veil ourselves to other alternatives to the car. so when we want to reclaim the street and the public right-of-way and the public realm for people and basic human needs of access to the humanities that urban environments provide, we have a better shot at than, say, other places whe

, prepare for merger. a deal takes off between u.s. airways and american. what it means for consumers. troubled waters: insights on cruise stocks following carnival's rocky week. plus, does apple have a trick up its sleeve? traders give us their takes on wristwatch rumors. first business starts now. you're watching first business: financial news, analysis, and today's investment ideas. good morning. it's friday, february 15th. i'm angela miles. in today's first look: stocks stay stuck. stocks and comodities barely budged yesterday. a cross-current of postive news on jobs and m&a deals in the u.s. offset negative economic data out of europe, which held the market in check. shares of herblife soared 15% after hours on word carl ichan bought 14 million shares of the nutrition company. and tiffany is suing costco. tiffany claims the club chain is selling engagement rings bearing the tiffany name. traders will enjoy a long holiday weekend. with presidents' day coming up on monday, the markets will be closed. mark sebastian of option pit mentoring joins us on this friday for a closer look a

travel southwest to west early saturday morning local time by using binoculars or telescopes. nasa says asteroids of similar size have come as close once every 40 years and collide with the earth once every 1,200 years. >>> researchers in the united states believe north korea could be preparing a new missile launch in the wake of tuesday's nuclear test. their analysis is based on recent satellite photos of a launch site in the northeast of the country. researchers at johns hopkins university looked at images of the launch site in musendanri. they compared photos taken in january with shots from three months earlier. the photos show a crane pointing in a different direction. part of the launch pad has also been cleared of snow. the researchers say this activity could point to another missile test. the researchers also report that a new launch pad is being upgraded. they say it's been fitted with three large fuel tanks and a flame trench cover to protect large rockets from exhaust gases. they note the cover appears similar to the one used in iran indicating possible assistance from tehran

. >>> fueled by a weaker yen and strong sales of cameras in the u.s. >>> and shares in virgin media rally after an offer for a takeover that could value the uk cable operator at $20 billion. >> all right. welcome to tuesday. >> it's get together tuesday. coordinated, as well. >> the final print for the eurozone is finally come in, 48.6, a little better than the forecast of 48.2. >> may i just say, though, the employment index, look at that, 46.1, which is just barely better than the flash estimate but still the lowest since december 2009. on a downward trajectory. it's not germany where the final composite was 54.4. it's the periphery still. france's final january pmi falls to 46.1. >> france is where the concern is. we have francois hollande today speaking to the eu parliament. he's going to lay out his vision for the eu against that economic back drop. >> isn't it amazing? we come into the week yesterday with everyone still talking. you have that great barons cover, you come in, just get the risk trade massively off. and the question for today and the rest of the week is frankly whether that'

prohibiting the use of coffee and coca-cola -- cola in the world. this is a little over an hour as they discuss the invitation of its use worldwide. >> could please turn on that. thank you. we are going to be talking about coffee, and cola and the ingredients in cola. his latest book examines a series of highly addictive substances that have caused many deaths through much profit and how they make their way into the united states and what the u.s. government's role has been in ensuring that they come into this country. this evening, we are pleased to be joined by two drug policy experts as well. without further ado, i would like to hand it over to the panel. [applause] >> thank you so much for coming out here. i am so excited. it is great to be here in new york. i'm going to start off by talking about my book, and then we will go into what focuses this week and what is going on with the u.n. that basically prohibits this around the world. back in 2004 and 2005, i did a book about marijuana. it wasn't about how to smoke weed, but an educational book about how they might talk to t

exercise with the u.s. navy. the drills are being conducted off of south korea's east coast. we have more from seoul. it is an exercise that has been months in the planning. -- >> it is an exercise that has been months in the planning. a third nuclear test could lead the us and south korea to plan for a preemptive strike against the north in the future to prevent a nuclear missile launch. >> the us will have a nuclear submarine around the korean coast. the nuclear power can be deployed to korea. if the us and korea want, they will pre-empt, attack preemptively any time. >> they released footage of the president being briefed by security staff. >> north korea should pay the price for its provocation. we will recommend sanctions with practical effect. >> what was interesting was the wording, an explicit promise to carry out direct actions against north korea as part of the sanctions, a little more than a week after north korea said it would take strong, physical countermeasures against the south if it did so. it is very publicly responding to that challenge. from beijing, north korea's trad

in your home state. that is the way it used to work and we can make it work that way again. there are a number of things we have to do immediately. we may disagree on how to dress them but not the need for them to be addressed. each of you are making different decisions you are grappling with it. i do not think there is much much difference. i'm not mad a governor from the time of implementing the recovery act and on now who does not think we have to do something about our infrastructure. there is very little disagreement on the need too build an education that has such immense possibilities for our people. most of these issues were united by more than what divides us. these all intersect at a place where both the state and federal governments engage. we are going to have to work together. they overlap, in many cases. we will have our differences. we should all agree that the united states has to have the highest percentage of college graduates of any nation in the world. everyone disagrees. some of you governors have led the way an early education and the consequences for

thought was good for us all. i am honored to be here with american enterprise institute and for me it's like coming to the mac and the promised land and certainly we recognize the great contributions that the american enterprise is given over many years in helping us with the development of policy and understanding of what's taking place particularly here in washington d. c., so thanks for the invitation to come here and speak. we are going to talk about health care today and from a utah perspective, my view of the world when it comes to health care. it's a complicated topic and it's certainly an important topic and i know health care has been on the lips of many, the watercooler topic that it may be. i have heard the story of the four country surgeons in utah talking about health care issue and they got into the conversation of who is the easiest person to operate on? and the one doctor says i can tell you the easiest people to operate on a really mathematicians. when asked why mathematicians come to when you open them up and take them apart all of their parts are numbered so it's ve

postevent features. and to get us started i want to reduce the mastermind of today's event, bernard curtis. burnet is, i learned today, one of four curators of photography in the prints and photographs division. i'm sure they are all here. it is my pleasure to turn it over to berna curtis. let's give her a and. -- in a hand. [applause] >> thank you very much, john. i have to say that we are all in this together. i'm not the mastermind. today, we have brigitte freed was the winner of the photographer whose work is featured in the book, "this is the day: the march on washington," which we are celebrating. and we have the distinguished dr. michael eric dyson, and we have paul farber. all of them here with us for a special kind of conversation, which is how we build this. i will tell you a little bit about each individual quickly. because time is of the essence. and i'd like to tell you that brigitte freed was formally brigitte pflueger, and she met leonard freed in rome in 1956. they married a year later in amsterdam where they lived, deciding to leave for life in the united states in 1963,

trouble negotiating steps. he started using the cane several months ago. >> reporter: in his announcement, the pope said, quote,"i have had to recognize my incapacity to adequately fulfill the ministry entrusted to me." pope benedict xvi has overseen a series of scandals and controversy, including the sex abuse crisis in the catholic church. his critics charge he was not progressive enough, upset he condemned gay marriage, the ordination of women, and allowing priests to marry. but supporters viewed him as a steadfast leader, and praised him for warning against the subtle influence of secularism. >> wendy: joining us now with thoughts on these developments, is dr. cornelius becker a professor at regent university. thank you so much for being on the program. >> it greats to be with you. >> wendy: it is so unusual for a pope to step down, almost unprecedented, cepts fo -- exempt for that one time 600 years ago. >> it is unprecedented. weren't we've had several popes that have resigned for the position, but never for the reason this pope has offered, frail health and advanced age. i think it

access like over here. i know this is hard to see with the light, the unite the will to use our copies that we have been back afterwards. .. they also would benefit from having their revenue source to do a lot more, so this is a wonderful that you can use. let's see, this is another prop that shows carbon energy efficiency spending relative to the carbon intensity that would show you might be spending a bit of money on energy efficiency but you have the carbon intensive energy sources in your state. what are the spaces that fall into that particular squadron, and that might be other candidates for energy efficiency programs. all right with. moving along. this is an example of how you have the comparison interface that the tool allows you to do. this is an interactive feature. so, for example, you hear that the epa is moving forward on greenhouse gases and that it's very receptive to the alternative means of achieving compliance. what would you want to do? with the market base things that you want to do? this particular tool would allow you to look at for example the benefits of

can tweet us. we have 35, is already on facebook. and you can always e-mail us at urnal@cspan.org legislators step up for paid sick leave. some pretty 9% of private-sector workers are not entitled to paid time off when they fall ill according to the bureau of labor statistics. low-wage and part-time workers, particularly those who work at small firms or who work in restaurants, are among the least likely to get paid sixth time. to change that, democratic lawmakers and their allies in maryland, washington, and massachusetts, and cities including new york, philadelphia, and portland, or try to advance measures that would make a sixth time a legal requirement for most firms. in congress, senator tom harkin plans to reintroduce a federal paid sick leave bill this spring. some employers contend the measure has harmed workers with company wage and increase -- which by prompting cuts in wages or increases. we are asking you about the federal government and if there should be a federal mandate when it comes to paid sick days. here is how you can reach out to us, on our phone lin

. the u.s. trade gap narrows as the world buys more made in america products and the u.s. buys less foreign oil. >> susie: and with gas prices rising, chevy hopes its new diesel chevy cruze will attract buyers looking for more miles per gallon. >> tom: that and more tonight on "n.b.r." >> susie: millions of people are bracing tonight for a powerful snow storm that could cripple the east coast. some forecasters say this could be the blizzard of the century with record amounts of snow and extremely strong winds. in parts of the northeast, transportation was shut down. the governors of massachusetts and connecticut declared a state of emergency and banned car travel, train service and cancelled flights in and out of boston. while the worst of the storm has yet to hit, many businesses and cities were busy making preparations today. erika miller reports. >> reporter: this monstrous storm is already being compared to the great blizzard of '78, when vast amounts of snow blanketed the ohio valley and the great lakes. that storm lasted 36 hours, leaving cars stranded. this storm could also b

of the great depression. as the u.s. entered world war ii, how did a system of accounting become the key to building the american arsenal? by 1970, america was uncovering the negative effects of pollution. should we measure these hidden costs of economic growth? most of us decide how well we're doing economically by what we can afford to buy. can we calculate a nation's economic well-being by adding up those individual measurements? can we compare national figures over time to determine if our economy is making progress? u.s. economic growth-- what is the gross national product? with economic analyst richard gill, we'll explore that question on this edition of economics usa. i'm david schoumacher. these computer tapes at the bureau of economic analysis in washington document 50 years of america's economic growth. they provide access to the accounting system known as gnp. when the united states faced its worst economic crisis, the great depression, no such measuring tool existed, until this report went to the senate. copies of national income, 1929-1932 are scarce today, but back in 1934,

, one from the u.s., one from belgium, austria. the dominkan priest was there. i was sitting with father of the priests. and they are all seeking to try to lead the church. so because of that, i would meet every year for several days with the fathers. so i had the chance of spending a lot of time with them. >> there has been benefit to your knowing pope benedict xvi. outside of how you know him as teacher and scholar, what kind of man is he, as a regular guy. >> he was the big disciplinarian. we all knew that was false. so once he became pope, he was known to the world. so he is exactly like you see him and hear him right now as pope. he's wonderful. he's gracious. he's serene. he has a great sense of humor. it's kind of ironic sense of humor. i'll tell you one story. they are involved in the translation work. so we thought we would be able to publish it when it came out because other nations like france and germany published. but the u.s. bishops decided they would publish it themselves. i told that to him and he said, yes, the american

would have thought when some of us voted for just a common market all those years ago that the eu would now be interfering potentially and what benefits we should be paying two romanians and bulgarians before they have made any occupation to our society? is it any wonder people feel disillusioned and callous? but isn't the good news is, who is more likely to vote to give people a genuine choice of a referendum, a liberal or a conservative or eastland? >> well, i'm delighted by my honorable friend managed to slip the point in at the end. i won't urge any i will friends to make their way to support the reelection and the campaign. but the point, the point that he makes is very important, which is we need to look through every aspect of how we welcome people to our country, and make sure why we must to be fair, we must not be a soft touch. so i am making sure we look at our health service, we look at housing, we look at benefits. with that illegally, we look at all other things and make sure proper and tough controls of people who want to come and live here. >> the treasury was required to

forces on the high seas that created high tension. >>> u.s. transportation investigators say flawed battery design could be behind the problems of the 787 dreamliner as the manufacturer wins approval for test flights. >>> and a new type of bullet train is racing along the rails in japan. the latest has upgrades that enhance safety in the event of an earthquake. >>> i'm gene otani in tokyo. welcome to "newsline". japanese and chinese leaders are locked in a back and forth debate that appears to be going nowhere. china defense ministry issued a statement denying reports that they used fire-control radars in the east china sea. the statement refers to two separate incidents on january 19th. it admits crews on chinese frigate tracked a japanese helicopter because it approached their vessel. in the second case on january 30th the statement says a chinese ship monitored a destroyer that was following it at close range. but the statement denies chinese crews used fire-control radar in either instance pinpoint says officials in tokyo released false reports without confirming the facts with

pushing up fuel prices. those higher prices come as gasoline is also on the rise. joining us now with the outlook for energy, alan harry. he's portfolio manager and c.e.o. of the spartan commodity fund. alan, let me first start off by talking to you about home heating oil. we saw prices up this week 3%. what is the trend going forward? >> well, thank you for having me. what i look at right now is short term we're going up a little bit more. longer term we're heading down. two, three weeks we're going to go up just a little bit more. after that, down we go. >> susie: why is that? >> well, i think we're coming to the close of the heating season. we already have an idea of what days we have left of heating. and it's not using up enough. so they've kept a lot in reserve, a lot of speculation coming to the market, and it's not getting used up. two, three weeks we have a great idea of where we will sit heating season wise. after that, down we go displuz for most of the u.s., households use natural gas. they don't use heating oil. and the ones that do are mostly in the northeast. so com

societies, europe and elsewhere, though their rates of nonviolent crime and drug use are not that much different than ours. so if another country were to lock up its own people at the rate that we do, and if our rates of incarceration were more normative to the rest of the world, we would regard with that other country was doing as a massive violation of human rights. that's the way we would look at it. now, the other point here is what we're doing is not even consistent with american history. i mean, we had 500,000 people behind bars in 1980 and now we have 2.3 million, 2.4 million people behind bars and almost have 5,000 people behind bars just for a drug violation. there are as many people behind bars for a drug violation than we had for everything in 1980. it's not consistent with global standards and not consistent with our own history. it's costing a vast amount of money and i think what you see is for some of the d.a.'s and others are beginning to say enough is enough. we're seeing prison populations beginning to decline but when it comes down to the question,

from where it is to where it has never been. >> join us as we explore today's most critical global issues. join us for great decisions. >> great decisions is produced by the foreign policy association, inspiring americans to learn more about the world. sponsorship of great decisions is provided by credit suisse, eni, the hurford foundation, and pricewaterhousecoopers llp. >> coming up next, the intervention calculation. (instrumental music) >> historically the u.s. leaned heavily on strategic interventions to help counter the influence of communism. >> the reagan doctrine was a notion that we would support those that sought to oppose soviet domination. >> during the cold war there was a polarized world - there was the soviet union, there was the united states and a lot of our interventions were used to block the advance of communism, and so very ideological basis for our, our interventions. >> and the u.s. has long retained the power to intervene at will. >> the united states has the capability, military capability, the power, literally the sort of capability to get things done. in

. >> and is steady as she goes, the u.s. economy is expected to keep up the recent trend of modesty of unspectacular job growth in january. >>> plus, the dutch finance minister warns of a worsening deficit this year, this after the government is forced to bail out local banks after a bailout of 3.7 million euros. >>> we kick off with the pmis out of the eurozone. january manufacturing pmi, 47.9. the flash 47.5, december manufacturing pmi was 46.1. it has boosted the euro to maintain its gaze, now back over to 1.3651 and continuing to climb high. that is now a 32-month high against the yen, as well, at 11.25965. the german manufacturing pmi was a little better, as well, this morning. helping to boost those numbers. we suggest that there's benefits from emerging markets rather than, perhaps, from elsewhere in europe. anyway, coming in better once again for the eurozone. still in contraction territory, but, of course, the trend is what is being concentrated on. we had similar indicators for two die verging views on china's recovery. eases to 50.4 for january, that was below the forecast of 5079 the. bu

enforcement here in california is in effect a war on crumbs instead of the often used phrase on drugs. how do you respond to his remarks? >> well, i think the first thing that we have to recognize is that the majority of people who are caught up in the criminal justice system and who are prosecuted for this type of offense for possession offenses and to some degree possession for sale offenses, the vast majority are indigent people and the vast majority of those indigent people are people of color. so what you have are two systems in place. you have a system where privileged white middle class people basically use drugs, college campuses, frat parties, not clubs, they use drug with impunity, they don't have to worry about being caught. then you have a system that comes down like a ton of bricks on indigent poor people and that's one of the reasons why i think this type of reform is a positive first step because if you aren't going to make drug possession illegal, at least make it a misdemeanor and not a felony. at least don't stigmatize and label an entire population of people as felons and p

council resolution. >> reporter: the u.s. ambassador to the u.n., susan rice, echoed the strong criticism. >> the actions of north korea are a threat to regional peace and security, international peace and security, and they are not acceptable. they will not be tolerated. and they will be met with north korea's increasing isolation and pressure under united nations sanctions. >> reporter: the security council was quick to condemn the test. it also responded quickly in december when north korea successfully launched a long-range missile. the test could bring north korea closer to developing a nuclear warhead that is small enough to be mounted on a missile. critics point out that the security council members feel that the threat of north korea's program is becoming more rea than ever before. >> so miki, what's next? will the security council adopt tougher sanctions against north korea? >> reporter: well, the u.s., along with south korea, australia, and european members are all for tougher sanctions. these may include tightening the noose on north korea's financial institutions and weapons t

joins us again this morning. steve, we actually finally start the meetings today. we've had comments out from the russian finance minister, as well. what's he saying? >> well, he's trying to get us back on track on to a growth agenda, which when you look back at what the agenda was a couple of meetings ago back in toronto in 2010, that was sorely missing. that was about harboring deficits and having firm targets. it hasn't really worked, has it? what they've said is our growth estimates were slightly optimistic. listening to what some of the policymakers are saying this time around, the likes of mario draghi, i'm scratching my head a little bit. there's some uncontentious stuff. i can live with that. range of financial market indicators showing situation normalizing. but what about this bit? currency chatter is inappropriate, fruitless and self-defeating. hang on a second, mr. draghi. it wasn't us, the journalists that started this. it was policymakers. it was the g- 7. it's incestble we're going to start rumbling about this. i can't help but thinking mr. draghi is missing the point here

and u.s. airways would create the world's largest airline. we'll break down what it means for you, the traveler, trying to book your flights. all ahead unless breaking news changes everything on "studio b." we begin with a a fox urgent setback for thousands of passengers stranded on the broken down crowds cruise ship. the ship is at a standstill because of a broken towline. this after delay after delay, carnival originally said the ship would arrive this afternoon, then they pushed back the estimated ail arrival to tonight, close to midnight. now this. of course you know the 900-foot long vessel has been without power since sunday when a fire in the engine room knocked out most of the electricity. since then it's been, according to passengers, grim onboard. raw sewage reportedly flooding the hallways, no air conditioning. barely any working toilets. we're told passengers had to wait for hours for anything to eat or drink. folks have reportedly had to sleep on the deck. now it's about 43 degrees and very cold. until the recent stop, the tugboats were towing it from the gulf of mexi

attempts to prohibit the use of coffee and coca in the u.s. and around the world. mr. cortes describes secret deals made by top u.s. anti-drug official harry answer linger pushing to banco ca's use worldwide. this is a little over an hour. >> okay. um, and so tonight we are pleased to welcome ricardo cortes to discuss his latest book, "a secret history of coffee, coe that and cola: a tale of coffee, coca-cola, caffeine, secret formulas, special flavors, special favors and a future of prohibition." cortes is the creator and illustrator of a series of subversive books for all ages, for postally all ages about such things as marijuana, bombing and the jamaican bobsled team. his latest book examines a series of highly addictive substances that have caused many deaths and fueled much, much profit in this how they make their way into the u.s. and what the u.s. government's role has been in insuring that they come into this country, all right? and this evening we are pleased to be joined by two drug policy experts as well. its fellow sanho tree and colette that youngers. and without further a

westgate is away but we'll do our best without him. we have michael brown to help us through things. coming up on the program, we'll head out to hong kong where china is requiring a reinstruct during of the economy. >>> after that, of course, the super bowl wasn't just one of the on biggest sporting events of the year, it was one of the biggest days of the year for madison avenue. we'll take a look at which ads were touchdowns and were ads were fumbles. >> mariana rajoy meets angela merkel. >>> plus, upcoming elections that sylvia berlusconi has called his last great electoral and political battle. >>> the power to split up uk banks if they fail to -- activity. george osborne is expected to give the bank of england the responsibility to make sure banks are involved in these activities. you have to love the extended analogy. watch the george osborne speech live here at 10:30 local for those of you here with us in the uk. in the meantime, there are more charges at the top over at barclay's. last night, the bank's financial chief and financial chief announced their leaving. tomorrow, barclay's

>>> they want to snow why another crew locked onto a helicopter. japanese and u.s. officials are urging the chinese to ensure such accidents don't happen again. a chinese navy aimed at a helicopter in mid-january. japa controls the islands. china and taiwan claim them. >> translator: it's extremely regrettable that such a unilateral provocative action has been taken. we will strongly urge the chinese to exercise restraint and not make the situation any worse. >> a spokesperson said she learned about the incident through the media. japanese government officials say the chinese are trying to give the impression they're not behind the incidents. >>> the u.s. defense secretary says it could have had grave consequences. l leon panetta says it could inflame intentions. >> they have to be part of family of nations in that region working gether. >> panetta said the united states, south korea and japan will do everything possible to ensure their territories are secu secure. he called on china to avoid antagonizing other nations. the former secretary of state said u.s. officials oppose

, this is "way too early." it's so good. thanks for being up with us this tuesday. we have a lot to talk about including a snub by c-pac. governor chris christie's invitation seems to be lost in the mail. why a 2016 contender won't be speaking out. the market drops 200 points after fears of gridlock in europe's third largest economy. we'll get a live report from london. first, a stand off from washington. $85 billion in spending cuts on friday. sound familiar? president obama and republicans have plenty to say. still just not saying it to each other. despite this so-called crisis, the two sides haven't spoken directly this week and have yet to meet face-to-face this calendar year. they plan to push the plans. john boehner rules autothe possibility of new taxes. >> i stand by those commitments to make the reforms for smart spending cuts. but we also need republicans to adopt the same approach to tax reform that speaker boehner championed two months ago. >> the president says we have to have another tax increase to avoid the sequester. well, mr. president, you got your tax increase. it's time to

coming up in 30 minutes for now. thanks for starting your morning with us. i'll see you at the top of the hour. "your bottom line" starts right now. >>> thanks. see you at the top of the hour. we're not in a recession. for many of you, it sure might feel like one. good morning, everyone. i'm christine romans. for a moment there it felt like things were turning around, stock market near all-time highs, housing market recovering and the economy adding jobs every month. now relief may have given way to a little bit of worry. here's why. it's starting to feel like a recession again, especially if you're living paycheck to paycheck, gas prices up nearly 50 cents in the past month. the fastest run-up, you're bringing homeless money, thanks to the expiration of the tax cut. you're getting about 60 bucks less every month. rents are rising, up 12 quarters in a row now. unemployment is still too high. if you were counting on an early tax refupd you have had to wait. because of the fiscal cliff fiasco, the irs did not start issuing refund checks until january 30th. a stretched consumer, a con

, this was very important for us to stay in positive risk environment. >> hans, we're seeing the response to the upside now. second highs, 1.32. are you sticking by your thoughts that it is still heading towards 1.30? >> we have to make it clear that in the next quarter or two the euro has upside potential and not downside potential. then the longer prospect for the euro is still very swb very negative. why is this euro overshoot taking place? it has a lot to do with the increasing negative correlation with the yen. so the euro is the anti-yen. that implies that when we were seeing the yen coming under selling pressure, japanese investors, where are they currently investing? investors are investing in fixed income. in many cases, very little yields left so that actually means the peripheral of europe sticks out. you need to have some preconditions. the most important, the yen has to stay weak, but secondly we should not run into any politically motivated problem with the euro. that would be a killer for that type of trade. >> and on that note, the european commission today is due to relea

are paying them. i can't believe we can't use the marines in these situations. someone has got to do a cost benefit analysis. can you imagine the amount of money we have spent fooling around with these contractors that weren't getting the job done? can you imagine the time we have spent on this and the money that has been spent? i would like for you, general, to talk about the cost benefit of putting marines in our embassies and why in the world this is hard for us to get our arms around and where is the analysis that shows us we are saving any money. >> just to react briefly to what would be necessarily a much longer conversation. the marines are not -- that's not their role or what they do for the nation. could it be at some point potentially? i would hate to think we would make that decision based on costs but it would require a longer conversation. >> i guess my point is god forbid we have something happen in kabul. this would look like child's play if you look at the history of what's gone on in terms of the guard force at kabul. and you know, i want to be to rt would be necessarily a

-japanese protests started causing a protest of japanese protests and those who use them. and the protests are so bad that a chinese man made the simple mistake of driving a japanese car in a chai neads city of chian and was beat sewn badly he is paralyzed. this week, a chinese minister accused a japanese vessel of target i targeting the radar on a japanese ship off of the islands, but the chinese officials are disputing it happened. now think about this, the world's second and the third largest economies playing chicken in the pacific over a dispute of uninhabited islands, but if this diplomatic disagreement were to escalate into a military obligation, the united states would be obligated by the 52-year-old treaty obligation to help the sovereignty of japan, and does that mean that north korea would come to the aid of china, but it is a quaint and admittedly alarmist experiment, because that is not how foreign wars are conducted anymore. next month marks the 10-year invasion of iraq, and the last conflict that we can think of conventional war that claimed the lives of more than 4,000 americans and b

liesman. also at the table with us this morning, our guest host is andy surel. andrew just talked about the markets. stocks ending at session lows yesterday. in fact, all ten s&p sectors closed lower. yet the bulls betting this is nothing more than a bull pac. but we will have a number of powerful investors for their thoughts throughout yao the morning. jim o'neill will join us in just a few minutes. then in the next half hour, the man charged with making sdigs for how blackrock invests more than $1 trillion, the firm's chief investment strategist, russ koesterich. nouriel roubini will be joining us and we're going to ask him for his current view of the world. in the following hour, buy and hold is the name of his game, barons capital ceo ron baron will be our special guess. he's been talking to us about how great of an opportunity stocks have been. we'll see if he's still feeling that optimistic now that stocks have reached 14,000 or close to it. >>> how majority leader eric cantor is set to address a major policy issue today. the goal here is trying to rebrand the gop. moving on, befo

. there are new claims of a responsibility for a terrorist attack on the u.s. embassy in turkey. we know about the group and how they fit into the wider global terror network. >> the white house on defense over defense secretary nominee chuck hagel's explosive and contentious senate hearing. what are the chances that he'll get confirmed. >>> the dow closing above 14,000 for the very first time in years. will it continue? that's the big question. >>> but up first some brand new developments this out of alabama. that's where a 5-year-old boy remains hostage in an underground bunker. at this hour authorities sent a special message to the man holding him there, jimmy lee dykes. the standoff began five days ago when police say dykes kidnapped the boy from his school bus after shooting the driver. jonathan serrie is live at the scene in midland city, alabama. what's the latest? >> reporter: no resolution as the hostage standoff goes into a fifth afternoon. however, authorities say they are in constant communication with 65-year-old jimmy lee dykes communicating through the pvc pipe that provides ven

of the pond is the snowstorm. it seems like winds, 50 miles per hour. blizzard conditions in the u.s. we know when there's a storm like that headed for the biggest media market frankly in the world, it's probably all you're going to hear about for a while. >> that doesn't mean there aren't other things, too the. >> that's true, in other parts of the world. >> china is ushering in the year of the snake. i'm not sure what that means, but we'll talk about it. should investors brace for a slippery return? i have to say, previous years of the snakes haven't been that great since the big historical events happen. >> maybe we should call it year of the strong. >>> peugeot reveals massive write-downs as reports suggest the company may nationalize. we'll have details live tr paris at 10:10 cet. sxwt latest on the blizzard threatening to bring chaos to the east coast. we'll have the latest from atlanta. >> and are investments as pretty as a picture or a still life? ross, there's been a couple of big auctions here lately and it's always a good gauge of how well people are doing, how hard assets, real pr

is cleared for takeoff. reports say the boards at amr and us airways sign off on their $11 billion deal to create the world's biggest airline. >> announcer: you're watching "worldwide exchange," bringing you business news from around the world. >> all right. you're wearing an appropriate valentine's day shirt. >> i am. i tried. there's a little bit of pink if we look at your tie very closely. if you want to know what's happening in the markets today, hold on, ubs, the valentine's day gdp's massacre. >> yes. >> because if you look at when it's japan shrinking at an annualized rate, germany coming in on quarter on quarter, france coming in -- well, we know they had a recession earlier in the year, as well. minus 0.9% on the quarter been minus 2.7 on the year. >> oh, that's brutal. >> it's the sixth consecutive contraction and that match tess recession of 1992 to 1993. the minus 0.9, it was forecast at minus 0.6 is the slash gdp. >> and italy has been down 2.7% on the year, but this is something in the range of almost a 4% annualized drop until the year from a year earlier. >> the massacre

in sabine joining us on the telephone from italy. what more could you tell us on this announcement the pope will be resigning february 28? >> it appears the pope made the announcement himself but the information is very, very sketchy. of course, this is really big news. having a poker resign is something we have not seen for hundreds and hundreds of years. it appears the pope gave the announcement in latin. that is all we have a moment. we are obviously going to be following this story very closely indeed to see how things develop. >> i understand information just coming in, and very scarce at the moment. but any idea as to why he is going to resign? and why he has made this announcement? >> at the moment, we have no idea of whatsoever why he decided to resign and why he made the announcement at this time. we do not know if it has anything to do with problems he may have to do with his help. whether -- health. whether he believes the time has come for somebody else to replace him. whether there are some interior motives within the church hierarchy for this. at the moment, no motivation what

in london or certainly in the u.s. they wouldn't mind seeing at this point. >> we've created a million private sector jobs. >> in britain? >> yeah. >> well, congratulations. >> there you go. that is the great conundrum, right? >> it's true. the different between -- well, and even with germany. the liesh market social security holding up, despite the sharp contraction in the fourth quarter. although this will probably add to the sense that the german economy bottomed during that period. >> did i see any -- i haven't seen any, no. i think that's out a little later. plenty to get through on today's program. >> it's good to be back, by the way. >> biggest take away from the mobile world congress? what's the one thing you saw that you thought, oh, that is really cool. >> i go to a conference like this and i think, machine res taking over the world. >> that's the thing we talk about. i don't like those machine peps. >> exactly. so 50 billion connected-m devic. that's a figure thatjs -- some y the point is, it isn't just about you and i talking to each other on a mobile phone. we are well bey

-off. u.s. markets fell yesterday following the release of the fed minutes. it was the worst day of the year for the s&p and nasdaq. as you can see, shedding 108 points there, a rare triple digit decline this year. energy and material stocks were the worst hit. all ten s&p sectors did hit the day lower. volatility on the rise. the vix rose nearly 20% on this session. the sell-off has continued overnight. the shanghai composite, the australian markets taking it on the chin. will i sixuan joins us from singapore. >> thank you, kelly. fears of an early access by the fed rocks sentiment here in asia today. the nikkei pulls back 1.4% from its 52-month high. investors remain cautious ahead of the decision on the next boj chief. construction equipmentmakers were down after caterpillar reported slowing sales for the quarter ending january. but batterymaker gsyuasa reported a fix over long-term battery problems. the shanghai composite tumbled to 3% today. commodity place were under a lot of pressure today after the u.s. fomc minutes raised the possibility of a qe asset. development and ce

of 87 of 75 against the euro, as well. darren maher joins us. there's been quite a big move already in sterling before this announcement, one wonders actually whether the ratings downgrade, now it's on a stable outlook, is perhaps the end of the weakness in sterling. >> i suspect not, to be honest. we can talk about it being a move and certainly over the last couple of years, there has been a big shift in cable. frankly, this has been a relatively small move. we can't say as of yet it's overshoot. i don't think the market will take great solace that we're now in a stable outlook from moody's because i think everybody recognizes the uk is still fragile and the growth position is more fragile, so i think more down side is possible. >> but what is in the price, darren? >> i think from this point forward is how much slippage do we get. i would say it's more what's in the price and what's in the price for sterling is the market has given the uk a lot of good will that it will be able to mix this wonderful growth of austerity. i think what the market is now doing is reappraising that. tha

to do is keep on making our overall economy use less oil. >> neil: but what is all this about how much energy we're using, but not how much energy we're getting? because we're not getting as much as we can. the oil watch, on what is really behind the pain at the pump. what is it? >> certainly not consumption. that statement from president obama is ridiculous. if you look at u.s. oil consumption, it's been declining for a long time now. last year we consumed 18.6 million barrels of oil a day, which i the same amount we consumed in 1996. so u.s. oil consumption is going down. not about the u.s. consuming more oil. western european oil consumption is going down. i you want to know where the growth is coming. , it's emerging marks like champion and india. china consumes two barrels of oil per person per year compared to the u.s. at 22 and at it just going to keep going -- >> it's not how much we're using but access to how much we're getting? the president says he has been more open to opening up land than anyone prior. you say what? >> well, i don't think so. obviously the u.s. energy comp

me at 1-800-743-cnbc. when i used to teach selling stocks at goldman sachs, i told trainees you have to be ready to rebut the objections. expect challenges and meet them with good answers that put to rest the worries, concerns that would keep you from buying the stocks you want them to own. today the market put on a virtual rebuttal clinic and it led to a terrific day where the dow soared 179 points and the nasdaq surged 1.04%, as every important objection was silenced. no wonder we're closing in on those all-time highs. what are the negative presumptions that got rebutted? the u.s. economy must be slowing. right? i mean, on account of all that negative stuff people keep talking about. guess what. today made the notion seem fanciful. we got good macro, meaning we saw durable goods data, showing demand for machinery rose the most in two years. how does that happen? it comes on top of the recent increase in container board, the corrugated box stuff that your packages come in, fedex and stuff. one of the most sensitive economic indicators out there and then a $50 increase in sheet steel

. >> and the most romantic hotel in the world, the anastasi apartments in greece. >> in a that looks u.s. >> and in the u.s., the bardesbond in, the rooms start at 600 and go up to $1,200. >> they bottle that, it's called wine. thanks so much. happy valentine's day, everybody. no matter what you do, enjoy it. thanks for watching "street signs." >>> hi, everybody. we enter the final stretch. welcome to the "closing bell." i'm maria bartiromo at new york stock exchange. this market fighting for a close in positive territory, brill. >> the dow is fighting. got the s&p and nasdaq positive, but we're kicking off the final hour watching other stories as well right now, including a huge day for mergers. warren buffett buys heinz. american/usairways form the biggest airline in the world, but so far the stock market seems unimpressed. what message is that saying about where our economy is right now? we'll look at that coming up. >> a lot of implications to see this deal flow pick up steam early in the year. more signs though that the individual investor is dipping his or her toes back into the st

with a little bit of discouragement. those are the issues in front of us. where are earnings going forward into the next few quarters? >> thanks, harry. as always, the market, a crazy day. earnings coming up from hewlett-packard. david faber will have that and bob benmosche talking about his numbers from aig. second hour of the "closing bell" right now. i'll seal you tomorrow. >> have a good one. >>> and it is 4:00 on wall street. do you know where your money is? hi, everybody, welcome back to the "closing bell." i'm maria bartiromo on the into of the new york stock exchange. man, a roller coaster ride today on wall street as the major averages close lower for a second day in a row, off of the worst levels of the day. market had been down close to 100 points. we're finishing down 49 points on the dow jones industrial average after hitting the lows about half an hour ago when the market was down 13 point. nasdaq giving up 33 points tonight. technology one of the leadership groups on the downside and the s&p 500 weaker by 9.75. moments away from aig and h-p earnings. david faber is live toni

of the u.s. capitol the sunday. the nation's governors continue their winter meeting on sunday. congress returns tomorrow with the senate. chuck hagel is expected to be the next defense secretary. a boat could happen early as tuesday. and those automatic budget cuts -- budget cuts begin to kick in. on the sunday, often during, 24, we will begin with the topic of health care. specifically, medicaid. is it a good idea? we want to get your thoughts on all of this. 202 is the area code. 585-3881 for the republicans. 202-585-3880 is our democratic line. you can also join us at facebook or send us an e-mail. a couple of issues dealing with health care and the elderly. a cover story, "increased -- a crisis in plain sight." and this cover story from time magazine called, "why medical billsa re killing us." and from "the new york times," -- there is the story of one of a number of republican governors -- he said ohio would reverse this decision if the government failed to cover all the cost of the expansion. here are some details for ohio -- last year the supreme court ruling that they have the a

the tax code which everybody wants us to do. but also we have used a small percentage of that money to reduce the deficit. so it doesn't place too much burden on the operating structure of the country. >> so who is the one person in the white house and one person and the republican leadership who is most committed to making the tough choice because i think the one person in the white house is most authentically -- authentically committed to making is the president. i've met with him several times. i believe that he's willing to make these cuts in the entitlement programs that we have to make. that doesn't mean i don't want to continue to push them outside of his comfort zone to go a little further than you might want to go otherwise, but i think we're going to have to if we get a deal with republicans but again we'll have to push the republicans in order to do the tax reform, allows us to reduce the deficit in the same manner. >> how do you push a president? >> you know, the way i've done it is always candidly, open with him, not agree but tell them exactly what you think and why. t

sense of it with rich peterson. good to see everybody. thanks so much for joining us. john, let's talk about the catalyst and where you see this market going. how are you invested today? >> well, we still think that steady issues go, basically consolidating from 1495 to 1530 was the high in the futures this week so we're right in the middle as we come into the weekend. we obviously have the italian elections and bernanke is speaking next week. copper concerns us a little bit. the fact that the metal sold off, including the industrial messals, down to 350. we had a selloff obviously from the highs and decent volumes so the balance is nice and have to make sure that it holds. we think bernanke will be pretty friendly when he's before congress next week so that's a positive. i don't think the fed will tighten anytime soon but do think asset purchases will go down. figure the asset purchase will go down but fed funds are basically going to be flat from basically now until 2015. if they do tighten, it will be slow and deliberate, so i think maybe we'll get a quarter, a quarter, quarter. eve

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